EFCC boss says Nigeria has spent N6tn on terrorism war since 2008

The EFCC boss says records show that as of August 2021, the commission has over 3,408 convictions.

Abdulrasheed Bawa will replace Magu as EFCC boss (Punch)

The Chairman of Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa says Nigeria has spent N6tn on the terrorism war since 2008.

Bawa said this at the 38th Cambridge International Symposium on Economic Crime, on Friday, September 10, 2021.

While presenting a paper titled ‘Combating Crime, Corruption and Implication for Development and Security,’ the EFCC boss, who was represented by his Deputy Chief of Staff, Sambo Mayana said the agency has recovered over N6bn from financial and economic saboteurs between March when he resumed office and now.

Bawa also said that resources that could support a country’s development are lost through criminal acts such as corruption, tax evasion, money laundering, and others.

He said, “From the time I took over as the Executive Chairman, on the 5th of March 2021, we have recovered over N6 billion, over $161 million, over £13,000, €1,730, 200 Canadian dollars, CFA 373,000, ¥8,430 and 30 Real Estates. We have arrested over 1500 internet fraudsters, many of whom are being prosecuted.”

The spoiler effects on countries’ development processes are diverse, and particularly severe for fragile states: economic crime, including illicit financial flows, diverts much needed resources needed to rebuild countries’ public services, from security and justice to basic social services such as health and education.”

Bawa is the EFCC’s fourth substantive chairman, and the youngest.

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